Did somebody say free money??

Minister for Finance, Courtney Houssos, recently released information concerning unclaimed money that is being held by government departments on behalf of NSW residents.

While the government has returned over $21.8 million to NSW residents up until mid June this year, they say there is still more than $234 million that remains unclaimed.

It's hard to believe people can "forget" about money that is rightfully theirs, but this huge amount represents refunds, unpresented cheques and dividends.

Unclaimed money is referred to Revenue NSW if the owners can't be found. "Losing" this money is easier than you think - often it's simply a matter of someone changing addresses, names or banks, not being aware of an inheritance or losing paperwork.

The average amount of unclaimed money owed on the register is $391. In the last ten years more than $154 million worth of unclaimed money has been returned by Revenue NSW, with this year's returned amount being a record.

Revenue NSW proactively contacts individuals to reunite them with their unclaimed money, in fact, over the last year, Revenue NSW sent 11,619 letters to individuals with unclaimed money worth around $8 million.

A quarter of that funding – $2 million – was ultimately returned.

“It’s great we’ve been able to get more than $21 million back into the hands of families and households and set a new record," Ms Houssos said.

Searching the unclaimed money register is easy and free. Individuals who then want to get back their unclaimed money will need to check they have the right supporting documents to support their claim. Revenue NSW then sends their funds within 28 days.

While the majority of this unclaimed money belong within Sydney, government estimates state there is $4,389,039 unclaimed in the Central West and in the North West and New England, the amount is $4,083,104.

“With $230 million still available in unclaimed money for people in NSW, I encourage everyone to get online, search the register, and get the money that’s owing to you,” Ms Houssos said.

Searching the unclaimed money register is easy and free. Individuals who then want to get back their unclaimed money will need to check they have the right supporting documents to support their claim. Revenue NSW then sends their funds within 28 days.

For more information on unclaimed money and to search the register, people can visit the Revenue NSW website.

What are you waiting for!